Countries with more developed financial sectors, experience fewer fluctuations in real per capita output, consumption, and investment growth. But the manner in which the financial sector develops matters. The relative importance of banks in the financial system is important in explaining consumption, and investment volatility. The proportion of credit provided to the private sector, best explains volatility of consumption, and output. The authors...
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2000/11/30
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Documento de trabalho sobre pesquisa de políticas
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WPS2487
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1
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1
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2010/07/01
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Finance and macroeconomic volatility
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consumption
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